Managed process generally means such a Business Process which is performed according to the defined procedure and not randomly or uncontrollably. This reduces the bad impact of individual workers who should do it as defined and not differently on their own will or experience.
What in practice means a controlled process?
In practice, this means that there is somewhere a clear description of the process in the form of a workflow, work instruction or a procedure. It is designed to meet the requirements that are imposed on it, such as high efficiency, high quality, safety, or compliance with the requirements of a standard or legislation. The controlled process is performed repeatedly, as well, and so its outputs are the same over time (consistent). It is mostly based on the best practice from other companies or from other environments.
The managed process should also be constantly improved and should be sustainable, measured and evaluated.